TCI investigators recover US$12m from Sandals

The Turks and Caicos Islands Government and the Special Investigation Prosecution Team have reportedly reached an agreement with Sandals and its directors and officers following certain investigations.

In a statement today, Neil Smith, the spokesman for the TCI governor did not provide details on the nature of the investigations.

However, Smith said as part of an agreement Sandals will pay the TCI Government US$12 million.

Smith said the payment was agreed on because of the co-operation of Sandals with the United States authorities to a degree reportedly acknowledged to be both extraordinary and unique.

Smith also said there was early and voluntary release of valuable evidence to Special Investigation Prosecution Team.

He says the information has materially assisted investigators.

"This agreement is without any admission of liability by the company, its directors and/or officers," said Smith.

"It does not however prevent the prosecution of any other persons in respect of any facts and matters.